Chinese dry bulk operator CSC Phoenix has announced the acquisition of 2003-built 52,400 DWT Supramax bulk carrier Shen Yu 89.

The Tsuneishi Cebu-built vessel was sold by Ningbo Haiyue Shipping for a price of RMB65.73m ($9.42m), much higher than VesselsValue’s valuation of $6.53m.

CSC Phoenix hopes the new acquisition will help the company solve its capacity shortage issue. The vessel will be used for domestic coastal shipping operations.